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Nickleson Company had an unadjusted cash balance of $9,275 as of May 31. The companys bank statement, also dated May 31, included a $66 NSF
Nickleson Company had an unadjusted cash balance of $9,275 as of May 31. The companys bank statement, also dated May 31, included a $66 NSF check written by one of Nicklesons customers. There were $838 in outstanding checks and $225 in deposits in transit as of May 31. According to the bank statement, service charges were $70, and the bank collected an $1,300 note receivable for Nickleson. The bank statement also showed $8 of interest revenue earned by Nickleson.
Required
Determine the true cash balance as of May 31. (Hint: It is not necessary to use all of the preceding items to determine the true balance.)
Required
Determine the true cash balance as of May 31. (Hint: It is not necessary to use all of the preceding items to determine the true balance.)
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